Nvidia's Rise Surprises Many As Ai Cryptocurrencies Also Surge.

AI cryptocurrencies are currently experiencing a stagnant phase. As AI altcoins turn red, one trader believes this situation will not last long.

A crypto trader stated that despite Nvidia's (NVDA) shares gaining over 7% in value on May 28, the downturn in artificial intelligence (AI) themed cryptocurrencies would not last long.

Famous trader Matthew Hyland shared on social media on May 28, "NVDA is on the rise, AI coins are quiet for now, but don't expect this to continue."

Nvidia has recently been focusing on the production of computer chips used to run AI models. Crypto investors believe that this stock price could be an indicator of how AI-based tokens might perform.

According to Google Finance, Nvidia reached a record high of $1,140 on May 28 with a 22% increase over the last five trading days, and has gained 137% in value since the beginning of the year.

Nvidia's revenue for the first quarter reached $26 billion, an 18% increase from the last quarter of the previous year and a 262% increase since the last quarter, exceeding analyst expectations by about 5.6%.

On the other hand, several of the market's largest AI-focused cryptocurrencies did not follow Nvidia's lead and lost value over the past week.

According to CoinMarketCap, Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) have experienced declines of 8.14%, 11.39%, and 11.19% respectively over the last seven days.

Some crypto traders believe that the lack of a rise in AI coins could change when a downtrend starts in Nvidia shares.

A crypto trader named Triplexx stated in a post on May 28, "The moment NVDA starts to sell, it will drag down all other major-cap tech firms for at least a few days."

Investment strategist Lyn Alden mentioned on May 25 that Nvidia is one of the few stocks, including Bitcoin, that has outperformed many other stocks over the past decade.

The day before, The Kobeissi Letter announced that a $10,000 investment in Nvidia back in 1999 was worth $25.3 million as of May 24.

However, the majority in the crypto space believe that Nvidia's chances of achieving similar gains to Bitcoin over the next decade are nearly zero.

Swan Bitcoin CEO Cory Klippsten stated, "The chances of Nvidia outperforming Bitcoin over the next ten years are almost zero."

Stay updated with the latest developments and news in the crypto markets with Kriptospot.com.